CarMax 2015 Annual Report Download - page 75

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71
CHANGES IN AND RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE LOSS

Years Ended February 28
(In thousands) 2015 2014 2013
Retirement Benefit Plans (Note 10):
Actuarial (loss) gain arising during the year $ (34,126) $ 15,465 $ (16,694)
Tax benefit (expense) 12,768 (5,752) 6,238
Actuarial (loss) gain arising during the year,
net of tax (21,358) 9,713 (10,456)
Actuarial loss amortization reclassifications
in net pension expense:
Cost of sales 558 669 483
CarMax Auto Finance income 31 38 28
Selling, general and administrative expenses 772 967 689
Total amortization reclassifications recognized
in net pension expense 1,361 1,674 1,200
Tax expense (508) (623)
(449)
Amortization reclassifications recognized in net
pension expense, net of tax 853 1,051 751
N
et change in retirement benefit plan unrecognize
d
actuarial losses, net of tax (20,505) 10,764 (9,705)
Cash Flow Hedges (Note 5):  
Effective portion of changes in fair value (5,847) (5,286) (6,691)
Tax benefit (1) 2,312 2,070 11,176
Effective portion of changes in fair value, net of tax (3,535) (3,216) 4,485
Reclassifications to CarMax Auto Finance income 8,118 9,872 12,981
Tax expense (3,198) (3,883)
(5,110)
Reclassification of hedge losses, net of tax 4,920 5,989 7,871
N
et change in cash flow hedge unrecognized losses,
net of tax 1,385 2,773 12,356
Total other comprehensive (loss) income, net of tax $ (19,120) $ 13,537 $ 2,651
(1) The year ended February 28, 2013, includes a tax benefit adjustment of $8,518 related to prior years.
Changes in the funded status of our retirement plans and the effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive loss. The
cumulative balances are net of deferred taxes of $39.0 million as of February 28, 2015, and $27.7 million as of
February 28, 2014.